Chow Tai Fook submits Baha Mar proposal

The proposal from Chow Tai Fook Enterprises for the acquisition a the casino-resort complex in the Bahamas – Baha Mar – has been received by the authorities of the territory and is under evaluation, according to publication Tribune 242. This comes as the Gaming Board of the territory initiated its due diligence of the proposal submitters last week, as confirmed to the publication by Tourism Minister Obie Wilchcombe.
“[Chow Tai Fook] has submitted to the government of the Bahamas proposals for the hotel and the casino and the government,” stated the Minister, noting that with regard to operations the jewellery giant will “pretty much follow what they’ve done in other jurisdictions”.
From the government side, the Minister said it is currently reviewing the applicants, noting “they’ve given us a list of players that we’re doing due diligence on […] we’re looking at all the components; we have to take a look at what they do now.”
Wilchcombe noted that the due diligence process could take more than three weeks, with the outcome strictly scrutinised by the territory’s Democratic National Alliance Leader, Branville McCartney, who has stated that Chow Tai Fook has “deep=rooted relationships to elements of organised crime,” quotes the publication.
The comments refer to the company’s investment in Sociedade de Turismo e Diversōes de Macau (STDM) and links to Stanley Ho, who McCartney has commented “has had regulatory and legal issues worldwide, including the United States, with respect to his criminal associations.”
Chow Tai Fook has responded to the allegations by confirming its investment in STDM, noting that its involvement is ‘strictly as an investor, with no involvement in day-to-day management of the casino or oversight of the gaming industry in Macau . . . there will be no affiliation on this project with STDM or SJM’.
The initial projected cost of Baha Mar is US$3.5 billion (MOP28 billion/HK$27 billion).